Coinbase Custody announced that it holds $1.3 billion in assets under custody and the firm expects to hit $2 billion soon.

About $1.3 billion worth of crypto assets under custody is held by Coinbase Custody and the firm expects to hit $2 billion soon

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Coinbase Custody revealed that it holds $1.3 billion in assets under custody (AUC) and the firm expects to hit $2 billion AUC soon in a Twitter thread published on June 13.

In a series of tweets, what is evidently the official Coinbase Custody Twitter account reported that last week the company’s CEO, Sam McIngvale, and its chief information security officer, Philip Martin, visited the United Kingdom. The purpose of the visit was reportedly “to discuss the institutional cryptoeconomy with a range of prospects and clients.”

During the meeting, the firm’s representatives argued that, while many believe that there are no institutional-grade offerings in the cryptocurrency space, Coinbase Custody is in fact such an offering. The firm’s representatives stated that the company is insured, regulated and secure custodian. The thread also specifies:

“We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there. [...] Coinbase Custody services over 90 clients. Of those, approximately 40% are outside of the US.”

Lastly, the tweet also claims that — as cryptocurrencies mature as an asset class — financial hubs such as London are becoming centers for crypto innovation.

During an on-stage discussion at Consensus in mid-May, Brian Armstrong, CEO of Coinbase, said that its custody service had already received $1 billion in assets under management.

In April, Hong Kong trading and asset management firm BC Group announced that it is launching an insured custody service for cryptocurrencies.

2 Comments

Tiffany John

It's a great news for altcoins . I think this is the right to invest more in veil, xrp and i hope this time btc Surpasses the alt of 2017.

Leema usman

The news is exciting and we expect more bullrun and more pumps for altcoins too. This is the time to invest more on altcoins (veil, neo eth) the price of btc will still go up and also good news for altcoins.